By: Tom Wilkinson Research and Development Tax Specialist
R&D Tax Credits
….. Are You Missing Out?
Many trading businesses often do not realise they are or have previously undertaken Research & Development (‘’R&D’’) activities in their business. We are successfully securing R&D tax credit claims for clients. The credits are generous and allow small and medium sized businesses to claim 230% (from April 2015) of actual R&D costs incurred for up to the past 2 financial years.
So, if you have incurred R&D expenditure of say £100,000 on a project then you can claim £230,000 as a credit against profits in the particular year(s) incurred. This could generate a refund or tax saving of £46,000.
Our fees are entirely success based and we will be happy to discuss these further. Pierce have a good working relationship with HMRC’s specialist R&D tax units and have a 100% track record with all claims.
We have helped our clients claim over £2 million of qualifying Research & Development relief and we could help yours.
The definition of R&D is quite wide and it is worth considering if you have….
- Made bespoke products or customised products
- Developed any new products or involved with introducing them
- Made any environmental improvements to your processes
- Consistently made manufacturing processes improvements
- Carried out design work in-house or sub-contracted design
- Carried out prototyping or made models, patterns or tooling
- Developed or improved any in-house software
- Changed the composition of your products in response to changes in legislation
- Consider yourself to be a market leader in a product, process or technology
- Regularly problem solving to meet your customers’ needs
Many companies are unaware of the activities that can qualify for R&D relief. Pierce C. A. Limited have specialist skills and knowledge of the R&D tax system and are able to help you identify qualifying projects and formulate a successful claim.
From David Baxendale at Promedics Orthapaedic Limited
“Tom Wilkinson from Pierce proactively found and recommended corporation tax savings for our company that resulted in a 2 year corporation tax refund. He worked under his own initiative and ensured that HMRC agreed with his calculations. Tom’s drive and professionalism was first class and we would highly recommend his and Pierce’s services.”
From Richard Mottram at Hills Panel Products Limited
“Pierce compiled an extremely detailed and comprehensive Research and Development Tax claim on the company’s behalf which lead to a significant corporation tax saving.
The report and associated computations were a significant improvement from our previous R&D tax advisers and was also undertaken in a very timely manner”